socialmedian: IAC Profit Falls Short Of Estimates In 2Q

User-submitted headlines for this story

Clips

IAC Profit Falls Short Of Estimates In 2Q

Source: The Huffington Post | Full News Feed

Jul 29, 2009

Summary

SAN FRANCISCO — IAC/InterActiveCorp, the company behind such Internet properties as Match.com, Ask and Citysearch, posted a second-quarter profit that fell short of analyst expectations Wednesday and indicated the online ad market is still weak.

IAC, which is led by media mogul Barry Diller, said it earned $40.8 million, or 28 cents per share in the quarter that ended June 30. During the same period last year IAC booked a big loss – $422 million, or $3.02 per share – largely because it wrote down the value of a catalog business.

Excluding one-time items, such as a $64.3 million boost from the sale of Match.com's European assets, IAC earned 2 cents per share. Analysts polled by Thomson Reuters, who generally exclude items from estimates, expected 9 cents per share.

Revenue dipped 4 percent to $340 million, although that beat the $334.6 million analysts expected.

IAC said revenue in its media and advertising unit, which includes search engine Ask.com and online city guide Citysearch, fell 10 percent to $168.6 million. As in the previous quarter, the company

...Read the full article

Comments (0)

Add Your Comment